August 4 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has published a tender seeking a consultant to help Croatian state-owned energy supplier Hrvatska Elektroprivreda (HEP) carry out a corporate governance action plan financed by the bank.
The consultant will support HEP in improving its corporate governance practices by implementing specific actions of the plan, the EBRD said in a statement on Monday.
The bank also said that as part of an 87 million euro ($102 million) loan agreement signed earlier with HEP, the company has committed to implement the corporate governance action plan, targeting the most relevant areas necessitating improvements in corporate governance practices and related legal acts. The plan also includes actions aimed at strengthening HEP’s compliance function and related internal policies and procedures.
Interested firms or groups of firms are invited to submit a technical and financial proposal in the open competition for consultancy services by September 2.
The assignment is expected to start in September and to last 36 months. Its estimated cost is 175,000 euro, the EBRD said.
The bank approved its 87 million euro loan to HEP in 2018. The EBRD loan came along with 43 million euro financing from the European Investment Bank, with the combined funding going to support HEP's investments in new electricity and heat cogeneration units in the capital Zagreb.
($=0.852227 euro)
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